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Chicago & Midwest  + Downtown  + Office  | 
720 N Franklin office building River North Chicago North Wells Capital

North Wells JV Acquires River North Loft Offices from McCaffery

North Wells Capital has formed a joint venture with Skydeck Capital to acquire 720 N. Franklin St., a five story, 47,000-square-foot building in River North, from McCaffery Interests, which has owned and managed the property since 1999.  The building was originally constructed in 1925 for industrial use and was subsequently renovated for contemporary retail and office use. 

“This acquisition is an affirmation of our continued commitment to commercial office and the River North neighborhood,” said River North CEO Jim Fox.  North Wells has hired Urban Innovations to provide property management and leasing services for the newly acquired asset. 

With this latest acquisition, North Wells’ portfolio of commercial buildings in River North now exceeds 700,000 square feet.  This brick-and-timber loft building is of the same vintage as many of North Wells’ current assets and is immediately adjacent to the company’s three-tiered development project VERSO.   

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition